ABSTRACT
In recent decades, the accounting world has been shaped by major shifts involving international accounting convergence coupled with financial globalization. This situation has been fostering an ‘accounting revolution’ in fundamental accounting principles (Beaver 1981). Received approaches have been progressively disbanded by a new disciplinary ‘paradigm’ (in Kuhn’s words) based on empirical analysis on accounting reports and their relationship with financial markets. Accordingly, the metrical connection of accounting figures to share market prices has started to dictate the meaning and role of accounting for business and society, while the traditional focus on accountability of the enterprise entity to its stake-holders (including shareholders) was progressively neglected and the public interest displaced.
